Cayman Tax: applicable to privately managed funds
Yesterday, the Finance Minister clarified the scope of the Cayman tax with respect to funds. According to the Minister, the tax covers private, institutional and public funds, which are de facto privately managed. Besides, should it prove necessary to legislate further, that would be done quickly and efficiently, according to the Minister. The Cayman Tax
The Belgian Savings Deposits again before the Court of Justice!
After having been sentenced in 2013 for ‘discriminatory’ tax treatment, the since then modified prima facie non-discriminatory legislation comes back before the CJEU, as a ‘restrictive’ measure this time. On a side note, the question arises whether some other Belgian provisions might actually constitute equally applicable measures with restrictive effects infringing some of the EU
Belgian Fokus Bank claims – Court of Appeal of Antwerp has ruled against Belgian State
In a – recently published – judgment of 3 June 2014, the Court of Appeal of Antwerp ruled against the Belgian State and ordered it to refund the Belgian withholding tax suffered by a Dutch real estate fund on a dividend distributed by its Belgian subsidiary. This judgment – which established discrimination of the Dutch
Constitutional Court annuls the tax on conversion of bearer securities
On 5 February 2015, the Belgian Constitutional Court rendered a judgement that annuls tax on the conversion of bearer securities, due to its incompatibility with EU law, in particular with Directive 2008/7/EC of 12 February 2008 concerning indirect taxes on the raising of capital. This judgment follows a decision rendered in case C299/13 in which the
Net Asset Tax – Foreign Collective Investment Undertakings
The European Commission has announced yesterday its intention to refer Belgium to the EU Court of Justice in relation to the discriminatory taxation of foreign Collective Investment Undertakings (“CIU”) located in another member state of the EU/EEA. The Belgian Inheritance Tax Code – which provides for the Net Asset Tax rules – indeed foresees a
New liability of inter-municipal organisations to corporate income tax as from 2015
After several proposals already during its previous terms of office, the new Federal Government has approved the liability of inter-municipal organisations to corporate income tax as from 1st January 2015. According to our experience, transiting from the tax on corporate bodies to corporate income tax is a complex issue to manage since the tax legislation
Tax on conversion of bearer stocks – Infringement of EU Law
On 9 October 2014, the Court of Justice of the European Union (below ‘CJEU’) has rendered its decision in case C-299/13 relating to the compatibility of the Belgian tax on the conversion of bearer securities with EU law, and in particular with Directive 2008/7/EC of 12 February 2008 concerning indirect taxes on the raising of
Luxembourg – Adoption of law revising corporate exit tax rules
On 13 May 2014, the Luxembourg Parliament approved the law (bill n. 6556) amending some of Luxembourg tax provisions that were considered not to be compliant with EU law. The changes are most notably in the area of exit taxation for corporate entities. Key changes: Deferral of the tax liabilities arising upon migration; and “Roll-over”
